Daily News | BTC Consolidated at High Levels But the Domination Rate Fell, Altcoins Rose Across the Board

2024-09-25, 04:45

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## Crypto Daily Digest: BTC ETF inflows exceeded $100 million, ETH ETFs rarely saw inflows of more than $60 million
According to Farside Investor, the US <a href="/vi/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> spot ETFs saw net inflows of $135.26m yesterday. Blackrock IBIT had inflows of $98.2 million, and Fidelity FBTC had net inflows of $16.8 million.

Yesterday, the US <a href="/vi/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> spot ETFs saw net inflows of $62.43 million, and BlackRock ETHA saw inflows of $59.17 million.

**TRU briefly fell more than 5% on SEC charges**

The news that the U.S. Securities and Exchange Commission accused stablecoin TUSD operators TrustToken and TrueCoin of cheating investors about stablecoin investment plans impacted TRU, which fell more than 5% for a short time, temporarily trading at $0.0975. According to the SEC, 99 percent of TUSD reserves are invested in "speculative offshore funds."

**MicroStrategy shares are up 119 percent so far this year, compared with 35 percent for BlackRock IBIT**

The launch of the Bitcoin ETFs in the United States on January 11 this year has become one of the most important financial events. According to Farside, these ETFs, including the BlackRock iShares Bitcoin Trust (IBIT), have attracted $17.7 billion in net inflows since their launch.

For some, IBIT has become a competitor to MicroStrategy (MSTR), known for its large Bitcoin holdings and dual business model. MicroStrategy, led by Executive Chairman Michael Thaler, currently holds 252,220 Bitcoins worth about $16 billion. Currently, MicroStrategy's stock is up 119%, while IBIT is up 35%, showing a more than three-fold difference in performance.

As an ETF, BlackRock's Bitcoin Trust has an expense ratio of 0.25 percent, while MicroStrategy does not charge such fees to shareholders. MicroStrategy benefits from the revenue generated by its analytics business, providing financial stability and its bitcoin holdings. MSTR has the ability to raise funds through debt and equity offerings, while IBIT relies on direct investor inflows.

**Jupiter released a draft proposal to dispose of over 215 million unallocated JUP tokens**

Jupiter has partnered with Meow to release a draft proposal to dispose of 215 million unallocated JUP tokens. The tokens stem from unclaimed or unredistributed portions of the Jupiter airdrop earlier this year, and the proposal presents three options:

1）Use the tokens for the Active Staking Reward (ASR) program for the coming year;
2）Burn these tokens;
3）Return the token to the community Multi-signature wallets.

Based on the draft, the Jupiter team "strongly" recommends the first option, arguing that the ASR program has effectively promoted community engagement and DAO voting. Over the past two quarters, 361M JUP has been staked, with more than 585,000 addresses participating and an average of 280M JUP per vote. If Option 1 is adopted, 50M JUP will be distributed to voters every quarter for four quarters.

## Market Trends: POPCAT hit a record high, SUI performed strongly
### Mainstream Coins
New public chain projects such as SUI and SEI soared. After SUI ushered in a large amount of unlock in early September, a large number of OTC to investment institutions, the recent price performance is strong, close to the historical high, and the current market value has entered the top 20. In addition, Sui opened the pre-sale of game consoles, Grayscale SUI trust positions, and other news stimulated SUI's price performance;

<a href="/vi/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> public chain projects rose collectively, SOL, WIF, POPCAT, FIDA, and other outstanding performances. POPCAT, a meme on Solana's chain, broke through $1.05, hitting an all-time high. After two months of bottom consolidation, the dog meme coin WIF also broke through $2 again today, up nearly 100% from the August price;

Other coins, including ENA, ALT, and SAGA, rose sharply. The mentioned-above-star Altcoins rebounded after experiencing a 90% decline, and the future market remains to be seen.

### Market Hotspots
BTC traded sideways at a high level, BTC ETFs resumed positive capital inflows, and the improvement of the macro environment boosted BTC's price confidence to a certain extent;

ETH fluctuated between $2,600 and $2,700, waiting for the market to break through before ETH may usher in its own independent market;

Altcoins generally rose. Many have doubled in price from the bottom, and POPCAT, SUI, and other coins have broken through or been close to the historical high.

## Macroeconomics: U.S. stocks closed higher, with the market divided on the economic outlook
U.S. stock indexes closed higher, with the S&P 500 up 0.25 percent at 5,732.93. The Dow Jones industrial average rose 0.20% to 42,208.22; The Nasdaq rose 0.56% to 18,074.52. The benchmark 10-year note yielded 3.74 percent, while the 2-year note, the most sensitive to the Fed's policy rate, yielded 3.49 percent.

U.S. stock positioning data showed that since the Fed's decision last week, interest rate markets have begun to prepare for November 7. Open interest in two-year Treasury futures rose sharply, with the number of contracts expiring in December 2024 climbing to about 4.4 million contracts. December futures bets tied to the secured overnight funding rate (SOFR) also rose markedly. However, with several policymakers sending mixed signals for the November meeting, traders did not place big bets in one direction.

Fed officials are somewhat divided on the outlook for the economy and the policy path. Some officials said the current economic situation called for a more aggressive monetary policy adjustment to address potential downside risks. Others worry that an overly loose policy could spark a rebound in inflation. Fed Governor Jeffrey Bowman cast the lone dissenting vote when the Fed cut its target rate by 50 basis points on September 18, preferring a smaller cut of 25 basis points. He focuses primarily on the inflation-fighting component of the Fed's dual mandate, unlike many Fed officials who focus on developments in the U.S. labor market.

### Conclusion
The overall market mood remains cautious. BTC is likely to continue moving within a consolidation range in the near term, while ETH will need more market drivers to break out of its current highs. TIA's early pull behavior before unlocking may cause price volatility after unlocking, and investors need to be vigilant. The rapid rise and pullback of NEIROCTO show the market's short-term speculative enthusiasm for the meme token, but the risk of a pullback needs to be noted.

The AI and meme sectors will remain hot spots in the market, and these sectors are expected to continue to attract capital inflows in the short term.

In the <a href="/vi/price" target="_blank" class="blog_inner_link">crypto market</a>, where teams and big players can influence prices through market manipulation, investors need to be cautious about public large-scale token unlocking events. The Federal Reserve's interest rate reduction policy and changes in the global economic environment will continue to impact the crypto market, and investors need to focus on macroeconomic indicators.

<div class="blog-details-info">
<div>Author:**Icing**, Gate.io Researcher
<div>Translator:Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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